BetMGM reported better-than-expected results for fiscal year 2025, pointing to gains in online sports betting and iGaming as the company reached sustained profitability. The operator said a full year of strategic execution improved revenue, margins, and cash flow.
For FY 2025, BetMGM generated $2.8 billion in net revenue, a 33% increase from the prior year. Adjusted EBITDA totaled $220 million, reflecting a $464 million year-over-year improvement. The company returned $270 million in cash to its parent companies, MGM Resorts International and Entain, during the fourth quarter.
Adam Greenblatt, BetMGM’s chief executive officer, described the year as a milestone. “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale,” he said, adding that both business segments posted stronger engagement and economics.
Sports Betting Drives Late-Year Results
Fourth-quarter net revenue reached $780 million, up 39% from the same period in 2024. Sports betting played a central role, with online sports revenue rising 93% year over year in Q4, even as betting handle saw limited growth.
For the full year, online sports betting produced more than $900 million in revenue, a 63% increase. Greenblatt said betting behavior shifted toward fewer but more active players. “The fourth quarter was our best for BetMGM sports,” he said.
The results came amid investor concern about prediction markets affecting sportsbooks. Truist Securities analyst Barry Jonas wrote in a Feb. 3 note, “We believe that weaker handle growth in New York January data has spooked investors into thinking prediction market cannibalization is more prevalent and widespread than it may actually be.”
Greenblatt reiterated opposition to prediction markets, saying, “We remain steadfast in support of state regulators, attorneys general, and Indian gaming entities that express serious concerns about prediction markets and how they circumvent the robust regulatory frameworks, responsible gambling requirements, and information sharing protocols pulled collaboratively — and over many years by our industry partners. … the sentiment we share is growing.”
iGaming Remains Largest Contributor
iGaming accounted for more than $1.8 billion in revenue during 2025, marking a 24% increase from the previous year. BetMGM attributed the growth to enhanced player management, exclusive game content, and expanded live dealer offerings.
“iGaming continues to be the powerhouse and anchor of our business,” Greenblatt said. “Our iGamging business continues to scale to record heights.”
The company reported gains in player activity, including higher average monthly active users and increased active player days. BetMGM also pointed to exclusive game franchises and expanded live dealer studios as drivers of engagement.
Expansion Plans And Outlook
BetMGM confirmed plans to launch iGaming and sports betting in Alberta, its first new iGaming market since entering Ontario in 2022. Greenblatt said meaningful financial contributions from Alberta are unlikely before 2027 due to regulatory timelines.
Looking ahead, BetMGM expects FY 2026 net revenue between $3.1 billion and $3.2 billion, with adjusted EBITDA projected at $300 million to $350 million. The company also reaffirmed its confidence in reaching $500 million in adjusted EBITDA by 2027. “We have sharply turned the corner on our next phase of growth,” Greenblatt said.
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Source:
“2025 BetMGM FY Update”, entaingroup.com, February 4, 2026
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